Hi Sifus,

Hope to leverage on some of your wisdom here

I'm a 26 y.o white collar this year and thinking of getting my first medical + Life insurance, reason being
1. Tax relief
2. Securing lower premiums at my current younger age.
3. Well of course.. being insured.

However I'm concerned of its worth considering
1. I do have group medical (100k) and life (200k) benefits already
2. I intend to relocate eventually (not sure where) for work (career progression), and eventually retiring back in Malaysia after a couple of years.

Would love to hear your thoughts! Especially if you have an idea of what's a decent ILP should look like and what other consideration factors to take account.

I'm always skeptical with agents, recently even met one that said medical insurance is not covered in tax relief. I do not have anyone depending heavily on me with my parents living on their life savings but of course the 'ifs' are endless.

This post has been edited by Jaschong: May 20 2019, 01:21 AM

2) Not such thing of "securing lower premium" at young age.
For medical,
You paid lower premium when you are 26, and will pay a more higher revised premium when you are 30+, and another more higher revised premium again at 40+, the premium will keep on adjusting upwards when you are aging.

Personal medical insurance is entitled for 3K relief.

If no one is depending heavily on your income, then life insurance is secondary important, probably medical and CI become more important.

Do remember to check medical policy coverage, as medical insurance may not applicable or can be used at overseas hospital, depended on where, as some do cover Singapore.
If at overseas, then you may need particular country medical insurance, not buy from here.

If you intend to change job, chances are your company insurance won't stick for long.

The thing with personal insurance is that it doesn't depend on your company to provide you the insurance and you need not worry about being not insurable in the event you get pre-existing illness which your company will eventually lay you off if you are unable to perform your job.

as for tax relief, medical / education is under the same section claimable for the 3000 relief.

With regards to what decent ILP, you can consider Great Eastern, AIA, Prudential as the top 3 companies.

Choose the right agent is important.

Thanks for the feedback! I was aware of the relief, that's why i mentioned being skeptical of agents as some of them don't really know their stuff, and i don't know enough stuff to judge weather they know their stuff or not.

In this case the only draw for me to purchase a plan currently vs a later time is 1. Tax relief, 2. Being insured against illness that I may face and be exempted from insurance later on right?

I do have some questions though

1.How often is an insurance premium revised
2. If i were to have insurance now locally, i wouldnt be insured if i relocated overseas unless i get the specific rider plans, and if i don't, i'll have to cancel and come back and reevaluate the coverage again for pre-existing illness right? then my 2nd reason for getting insured is voided?
3. If my current organization's benefits are sufficient for me in medical and life since I have no dependent, and the next one isn't, it would be as simple as buying later right?

1. No time frame, anytime

2. If your stay overseas is long term then get a local insurance over there, otherwise, stick to Malaysian insurance and travel insurance for overseas

3. Like I said, you won’t be able to buy another insurance if you are no longer healthy, chances for you to save cost on your insurance is less likely since the cost of insurance increases as you age.

However the earlier you start your insurance with an investment link policy, you can start your investment value earlier = lower overall cost in the future.

My attempt at answering your questions:

1. There's no fixed schedule, but with the few revisions in recent years, yes, I as an agent also want lots of answers from company. With that said, we can keep at the back of our minds that nothing goes unless Bank Negara approves it.

2. I think there's 2 parts to this question. I'll answer them separately.
a) Relocating overseas for X amount of years.
Just like any foreigners coming to work in our country, their employers have to insure them. It is required by law, and the same throughout the world. So while you're working overseas, your employer is required by law to insure you. Even if you're just there as a contract worker, your employer will explicitly mention if they will be insuring you, or they would require you to have a local medical insurance cover.

What happens to my local medical insurance while I am overseas?
Your local medical insurance will continue to be in effect (premiums need to be paid too).
How your local medical insurance will work is like this:
It will continue to cover your medical costs while overseas for 90 days from the date of your departure, up to however many days of hospitalization while overseas (depending on your policy).
Whatever medical attention you received for whatever condition while overseas will continue to be covered by your local medical insurance policy once you return to Malaysia and receive medical treatments in Malaysia at licensed, registered medical facilities.

3. Insurers do not discriminate. The only thing insurers care about is our health condition.
And the cost of insurance is there for our reference as well.

With that said, since you get tax relief for it, why not take advantage of it?
After all, if you don't spend it on medical insurance, the amount gets taxed. Why not get taxed less?

More importantly, why not get yourself insured now when you are healthy and able?

In terms of what to insure yourself with, I would like to echo cherroy here, which is to look into medical insurance and CI first.


Hopefully my logical reasoning resonates with you.

Is PA insurance covering Rm 200k for Rm 250 a year a good deal?

This post has been edited by silverviolet: May 21 2019, 06:15 PM

RM250 yearly or monthly ?

if RM250/yearly, it's pretty standard price.

This post has been edited by lifebalance: May 21 2019, 06:15 PM

Pretty standard. That's cool. Tq

Intro me the agent you met, I want to ask him a lot of question. I'm an agent and medical plus life can be tax relief.

how old are you?

25 y.o.
No Dependent

Looking for Insurance Plan with:
36 CI ~ RM200k (Normally come with life with the same sum assured right?)
TPD ~ RM50k/year till age 70 (Is there a plan that provide the following coverage?)
Partial PD/PA ~ 500k
Medical Card/H&S

To replace my current insurance plan (investment linked) with a premium of 3.6k/year that covers:
100k Death
100k CI
100k Early CI
200 Medical (1.2M Annual limit)
200 R&B (1.2M Annual Limit)
Premium Fee Waiver

Thanks!

bro, your occupation?

This post has been edited by HoNeYdEwBoY: May 21 2019, 11:28 PM

You sure know a lot about insurance =) comparing plan ?

My current plan got too many riders. Asked my agent to quote a plan with lower premium...then no response from him

This post has been edited by neverfap: May 21 2019, 11:31 PM

Need some advices here.

Im currently 27. Planning on getting married and buying a house within the next 2 years. My savings are able to cover 60 months of my monthly expenses.

I have been considering about getting a life and accident insurance just in case anything happens to me. A friend of mine who works as an insurance agent quoted me RM664 per month for a sum insured of 1.1m for life, 500k for illness, around 200k for accident, and a medical card of 1.2m per year.

I had a discussion with my gf and she thinks that it is not necessary to insure that much when im still young. Im in a dilemma about this because I see it as an important thing to ensure that either my parents or future wife have sufficient amount of money to support themselves if anything happens to me, but my gf thinks that I shouldn’t be spending so much on insurance at this young age.

Would anybody mind giving me some opinions please?

Below statement may not please some reader (especially may be agents , joking only), no offence to anyone.
This is a simple statement for sum assured needed.
If my income is low, then my life "worth" is cheaper so does my insurance sum assured, as I cannot afford higher premium.

Also, you need to have your own saving, for emergency, for future family planning etc.
Living in single vs having a family could be big difference in term of financially.

Please be minded even you have the most expensive insurance and wide coverage, there are still incident and situation that you need to pay from your own saving.
PA - if happen not due to accident case, insurance won't compensate.
Medical - not every medical condition is covered. eg. you have toothache and need a teeth implant or crowning which easily cost a few K per tooth. In this situation, you need to fork out own money despite having mil of coverage.

It is all about income, if the premium is negligible portion of your income, then no comment, it is about personal preference.
But if the insurance premium eat up large chunk of disposal income every month, one may need to rethink about it and plan more wisely,

Good to see that you save quote a sum for yourself especially this young to last 60 over months especially most Malaysian don't even have savings to last 2 - 3 months.

Again, how did the sum came about to 1.1m for life and 500k for illness ? How was this calculated against ? What are the measures taken up ?

What is your future planning from now ?

I’m 38 years old, non smoking.

Looking for AIA medical insurance with
1. CI, RM50k (this is a top up only as I already have RM150k from another policy)
2. Room and board 200
3. Waiver of premium

May I know how much is the premium?

If add on hospital income, how much is the additional premium?

Thank you?

just googled and found out that there are over 10 CI insurance plans from AIA alone.

https://www.aia.com.my/en/our-products/crit...protection.html

wow.....really "pening" to decide which plan and premium


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